NEOG) announced today that on it initiated its current com stock repurchase program. Neogen Reactivates Share Repurchase Program LANSING, Mich., / - / -- Neogen Corporation (Nasdaq.

Neogen will announce results for the third quarter of its 2009 fiscal year, which ended on March 19. Shares repurchased under the program will be retired. Neogen Corporation develops and markets products dedicated to food and animal safety. Accordingly, there is no guarantee of the exact number of shares to be repurchased.

"The price of Neogen shares is at the lowest level in nearly two years," said Whit Herbert, Neogen's CEO.

In December, Neogen's Board of Directors authorized the repurchase of up to 500,000 shares. Shares have been, and additional shares are expected to be, acquired on the open market or in negotiated transactions, depending on market conditions and other factors. The company had 14,600,000 shares outstanding on.

"We believe the price is an extraordinary value given the company's fundamentals and performance that have withstood the worst overall economy in decades." Neogen's second quarter was the 63rd consecutive profitable quarter from operations for the company, and the 67th quarter of the past 72 quarters to show increased revenues as compared with the previous year--a span of 18 years.